February 29, 2016 – CBRE Group Inc. announced the sale of the Jerry’s Liquor building on Wilshire Blvd. in Santa Monica to a private real estate developer for a record of more than $470 per square foot after drawing over a dozen offers for the property.
The 5,273 square foot building, on 2919 Wilshire Blvd., sits on approximately 22,100 square feet of land. Jerry’s Liquor has just over 1 year remaining on their lease, making the site an ideal re-development opportunity.
CBRE’S Alex Kozakov and Patrick Wade represented the seller, a joint venture between UDR and a local developer, and the buyer, Cadence | California, in the transaction. This is the third property sold by the team in Santa Monica/West Los Angeles the past month, totaling more than $26 million in value.
“This sale is symbolic of the high demand for quality retail space and land in Santa Monica,” said Kozakov. “This building sits in one of the hottest neighborhoods in the county that has been seeing tremendous rent growth and appreciation in property prices. There are several exciting development projects nearby”
Fourth-quarter asking lease rates in West Los Angeles jumped 6.9 percent to $7.16 a square foot from $6.70 in the prior quarter, according to CBRE data.
“This investment offers a short-term lease on Wilshire Boulevard with C4 zoning – offering an array of development opportunities” said Wade. “The buyer has some exciting redevelopment ideas that will only improve the already strong desirability of the immediate area”.
Kozakov & Wade’s team at CBRE focuses exclusively on the sale of retail investments properties in the Western US. They have closed more than 200 transactions totaling in excess of $1billion in value.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
